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What are the Limitations of accounting standards?

Answer:

rigidity/not flexible

First answer by ID0693752578. Last edit by ID0693752578. Question popularity: 6 [recommend question].

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The AAR is good capital budgeting tool because managers can compare it to objective benchmarks. Yet one limitation is that ARR uses profit rather than cashflows, and it does not account for the time...
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I know that in international accounting LIFO and eaxtrordinary items are prohibited
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